Dubai: Amlak Finance is on track to sell Islamic bonds worth Dh1 billion ($260 million) in the fourth quarter of this year, the firm's chairman said.
"God willing we will launch the sale in the fourth quarter," Nasser Al Shaikh told Al Arabiya TV.
Al Shaikh said in August the Islamic bonds would be backed by mortgage contracts as security, and would have a tenure of 20 to 25 years.
The firm said at the time it was targeting the fourth quarter. Gulf sukuk sales have largely dried up in recent weeks due to the global credit fears sparked by concerns over the US subprime mortgages market.